Consideration

• Date: 14th century

Definitions

• 1 : continuous and careful thought <after long consideration he agreed to their requests>
• 2 a : a matter weighed or taken into account when formulating an opinion or plan <economic considerations forced her to leave college>

b : a taking into account

• 3 : thoughtful and sympathetic regard
• 4 : an opinion obtained by reflection
• 5 : esteem, regard <the family built themselves a large, ugly villa…and became people of consideration — V. S. Pritchett>
• 6 a : recompense, payment <a consideration paid for legal services>

b : the inducement to a contract or other legal transaction; specifically : an act or forbearance or the promise thereof done or given by one party in return for the act or promise of another

Description

Consideration is the legal concept of value in connection with contracts. It is anything of value in the common sense, promised to another when making a contract. It can take the form of money, physical objects, services, promised actions, abstinence from a future action and much more. Under the notion of "pre-existing duties," if either the promisor or the promisee already had a legal obligation to render such payment, it cannot be seen as consideration in the legal sense.[1]